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On October 18, 2019, Page 04 of Jiefang Daily published a report entitled Stick to responsibility, lead Shanghai's reform and opening-up development, Serve major national and municipal strategies, and we hereby publish the full text as follows:

Shanghai International Group (SIG) emerged with the reform, throve through opening-up and got strong because of innovation. It has persistently served the overall interests of the reform and opening-up of China and Shanghai, stuck to innovation, transformation and development, implemented the "dual engine" strategy (state-owned capital operation and investment management), firmly grasped the key means of capital management, kept enhancing the guiding force, control force and competitiveness of state-owned capital, and made contributions to the development of Shanghai's reform and opening-up, the building of Shanghai into "five centers" and the advancement of three major tasks.

SIG has focused on four business sectors: state-owned capital operation, equity investment management, financial factor market and industrial fund investment; SIG's state-owned capital operation platform has been capable of operating a total state-owned capital of 10 billion yuan; over 85 percent of SIG's capital is concentrated in financial fields; with over 60 percent of the local state-owned equity of municipal financial institutions, SIG is the largest shareholder of Shanghai Pudong Development Bank (SPDB), Guotai Junan Securities and Shanghai Rural Commercial Bank (SRCB), as well as a majority shareholder of CPIC; SIG has supported the establishment of the Shanghai Insurance Exchange, the Shanghai Commercial Paper Exchange, the Cross-border Interbank Payment System and other national financial factor markets in Shanghai; SIG has established five equity fund manager brands such as GP, Guohe, Sailing, Sci-tech and Growth. As of June 30, 2019, SIG registered total assets of 246.4 billion yuan, net assets of 176.8 billion yuan and an asset securitization ratio of 75 percent. In the first half of 2019, SIG achieved a total profit of 3.9 billion yuan.

Stay True to the Mission, Adhere to Party Building Guidance, Promote the Integration of Party Building with Corporate Development

(On June 6, 2019, Shanghai International Group Co., Ltd. held the Mobilization Conference on Education Themed "Staying True to the Mission")

State-owned enterprises are the important material basis and political basis of socialism with Chinese characteristics, as well as the important pillar and relying force for the Party governing and rejuvenating the country. Under the strong leadership of the CPC Shanghai Municipal Committee and the Shanghai Municipal People's Government, the CPC SIG Committee has stayed true to the mission, firmly grasped the "root" and "soul" of upholding Party leadership and strengthening Party building; has grasped the direction, controlled the overall situation and secured implementation during implementing national strategies and key tasks with focus on Shanghai's central work; built grass-roots Party organizations of state-owned enterprises with focus on the Party's organizational line; and adhered to Party building guidance with focus on the state-owned assets and enterprise reform, to provide strong organizational guarantee for optimizing and enlarging state-owned capital.

The CPC SIG Committee has persistently put the Party's political building in the first place and grasped the fundamental task of the ideological building of the Party; has strengthened Party leadership over the enterprise, advanced the inclusion of Party building into the SIG articles, integrated strengthening Party leadership with improving corporate governance, and improved the mechanism of Party organizations' involvement in making decisions on the enterprise's major issues; has strengthened grass-roots Party building, and synchronously built Party organizations in equity funds and other market institutions with diversified equities based on business development, to accomplish the full coverage of Party work; has strengthened Party conduct and integrity building, established the mechanism of four-responsibility coordination and the list of responsibility for Party discipline strengthening, organically integrated Party conduct and integrity building into the mechanism of corporate governance and internal control, and built a solid defense line against corruption; and has strengthened team building and mass group work. Over the five years, 14 employees of the SIG system have won titles such as "Shanghai Financial Industry Leader", "Shanghai Leading Financial Talent" and "Overseas Financial Talent". SIG Asset Management Co., Ltd., a subsidiary of SIG, has been named "National Civilized Unit", and been designated "Shanghai Civilized Unit" for 11 consecutive years. Shanghai State-Owned Assets Management Co., Ltd., a subsidiary of SIG, has been honored as "Shanghai Civilized Unit" for the first time.

Build Pillars, Lead Shanghai's Reform and Opening-up, Serve the Real Economy and Modernization

(Shanghai Investment Trust Company successively issued international public offering bonds in Tokyo, London and Singapore from 1986 to 1993 in support of Shanghai's industrial renovation and municipal construction.)

Shanghai International Group (SIG), formerly Shanghai Investment Trust Company founded in 1981 (renamed Shanghai International Trust Co., Ltd. later), has undertaken important functions such as foreign economic window, urban construction service, domestic and overseas fund raising, industrial technology renovation and financial service, and played a positive role in widening and deepening Shanghai's reform and opening-up at different stages.

Firstly, as the foreign economic window, SIG has explored overseas fund raising and foreign investment service, and strongly supported the construction of major infrastructure including Nanpu Bridge, East Yan’an Road Tunnel, Hongqiao Airport and Subway Line 1, invested and established three development companies: Waigaoqiao, Jingqiao and Lujiazui to lay an important foundation for the development and opening-up of Pudong, established JV plants with Coca-Cola, Otis and Ikea, participated in the preparation and construction of premium foreign-related hotels such as Okura Garden Hotel, Hilton Hotel and The Portman Ritz-Carlton. Secondly, as a financial investment platform of Shanghai, SIG has initiated a number of major financial institutions like SPDB, Wanguo Securities and HuaAn Funds, introduced world top financial groups like JP Morgan Chase and Tullett Prebon, and established Sino-foreign financial joint ventures like Shanghai International Fund Management Co., Ltd. and Tullett Prebon SITICO (China) Ltd. Lastly, SIG has taken the lead in establishing local state-owned capital operation platforms in China, promoted the restructuring and recombination of some state-owned enterprises and the entry, exit, flow and transfer of state-owned capital, and conducted active exploration of the state-owned capital management system dominated by capital management.

SIG has made extensive innovation in financial fields and development models, and created a lot of "number one" in the industry. For example, SIG issued Samurai bonds in Japan in 1986 as a local financial institution for the first time, founded China's first joint-stock securities company in 1989, launched and managed a mutual fund registered and listed in Hong Kong in 1993 and set up China's first open fund in 1998. In the development model of Pudong, SIG accomplished land transfer in an innovative way, and established three development companies: Waigaoqiao, Jinqiao and Lujiazui, to activate three functional sectors in the early development stage of Pudong.

Pool Strength, Tighten State-owned Economy Control, Enhance the Competitiveness and Influence of Municipal Financial Institutions

In ways such as initiation and capital & share increase, SIG has progressively increased stakes in municipal financial institutions, and further shown its important role in Shanghai's state-owned assets and enterprise reform and development, as well as financial investment management. SIG has undertaken the rights and responsibilities of relevant shareholders like SPDB, Guotai Junan Securities and SRCB, and further performed the responsibility of the contributor in five aspects including investment planning; has assisted in achieving major breakthrough in the coordinated reform of Shanghai's state-owned regulatory bodies, state-owned operation platforms and state-owned enterprises; and has revised the management and control plans for the three enterprises, and tightened strategic control over municipal financial institutions.

SIG has advanced the vertical integration of SPDB and Shanghai Trust, helped SPDB complete the layout of its comprehensive financial business, and driven Shanghai Trust to further refine and deepen its operations; has accomplished the horizontal merger of Guotai Junan Securities and Shanghai Securities to expand the business scale and comprehensive strength of municipal securities brokers. In 2017 and 2018, SIG invested nearly 20 billion yuan to support the private placement of SPDB and the A&H-share listing of Guotai Junan Securities, thereby further enhancing their strength; supported SPDB in opening branches in London and Singapore and Guotai Junan Securities in operating in the U.S., Singapore and other countries, thereby improving their capability of cross-border service; and supported SRCB in directional offering and listing preparation.

Forge Ahead, Build State-owned Capital Operation Platform, Improve the Level of State-owned Capital Operation

(In September 2015, Shanghai International Group Co., Ltd. completed the recombination of JJ Shipping and Shanghai International Port Group as its first move in municipal state-owned capital operation)

Accomplish the functional transformation to "capital management". Since 2014, based on Shanghai's state-owned assets and enterprise reform and development, SIG has implemented the spirit of capital management priority, conducted a series of capital operations to its assets such as vertical integration, horizontal merger and cross-system transfer under the principle of marketization, successively stripped off 14 operational subsidiaries, liquidized cumulative assets of over 30 billion yuan, and promoted the transformation from "assets management" to "capital management" and the concentration of superior resources in core enterprises.

Start the substantial operation of the state-owned capital operation platform. SIG has completed Shanghai's first state-owned capital operation project-the recombination of Jinjiang Shipping and Shanghai International Port Group (SIPG) through marketization; has liquidized and realized some shares of SAIC Group through financial instruments; has assisted the real estate group in transforming into an urban renewal platform through operating the equity of a listed company; and has been entrusted to manage SIPG's shares held by Tongsheng Group to support the development of important infrastructure such as port & shipping infrastructure. So far the platform has achieved cumulative revenues of over 10 billion yuan from state-owned capital operations.

Effectively utilize revenues from state-owned capital operations to support Shanghai's economic and social development. Based on the requirements of the CPC Shanghai Municipal Committee and the Shanghai Municipal People's Government, guided by the Shanghai Municipal State-owned Assets Supervision and Administration Commission, SIG has rationally arranged revenues from state-owned capital operations. Firstly, SIG has turned over project operation revenues and dividends which were partly used to supplement Shanghai's municipal pension fund. Secondly, SIG has contributed to Shanghai Integrated Circuit Industry Investment Fund and acquired a 24 percent stake in Huazhong Group to support the development of Shanghai's strategic emerging industries; and contributed to National Advanced Manufacturing Investment Fund II to promote the development of advanced manufacturing and the optimization and upgrading of traditional manufacturing.

Accumulate Strength, Lead State-owned Capital Enlargement, Serve Major National and Municipal Strategies

(In December 2018, Shanghai International Group Co., Ltd. initiated Yangtze River Delta Collaborative Advantageous Industry Fund)

Focus on the building of Shanghai International Financial Center. SIG has supported the establishment of various national financial factor markets in Shanghai, been involved in the preparation and construction of China's only insurance exchange and commercial paper exchange, and supported the construction of Phase II of the Cross-border Interbank Payment System, to enhance the core function of Shanghai International Financial Center. SIG has supported municipal financial institutions like SPDB and Guotai Junan Securities in advancing marketization, securitization and internationalization, supported them in exerting their advantage as leading enterprises and top securities brokers, and made them local fresh forces in international financial center building. SIG has carried out strategic cooperation with central enterprises like China RE (China Continent Insurance), and developed new cooperation fields in such aspects as financial institution deployment, market innovation and financial talent exchange, in a joint effort to promote the building of Shanghai International Financial Center.

Serve the building of Shanghai Technology Innovation Center. SIG has focused on cultivating an innovation investment ecosystem, initiated China's first technology innovation center equity investment fund-Shanghai Sci-tech Capital, with a first-tranche capital of 6.52 billion yuan raised. The fund will complete a total investment of 2 billion yuan, leverage a total sub fund investment of over 15 billion yuan, and invest in over 100 projects in key fields such as AI and biopharmaceuticals.

Serve the integrated development of the Yangtze River Delta. SIG has initiated the Yangtze River Delta Collaborative Advantageous Industry Fund. State-owned and private enterprises in three provinces and one municipality contributed a total capital of 7.7 billion yuan in the first round, which is expected to leverage a social capital of 50 billion yuan. With focus on "integration" and "high quality", with FOF as the carrier, SIG has given full play to its advantage in the system integration of talents, technologies, capital and other innovation elements and its capacity for the high-dimensional configuration of these elements, and sped up the formation of a globally competitive superior industry cluster driven by biotechnology, IoT and AI in the Yangtze River Delta.

Support "Belt and Road" construction, RMB internationalization and other major strategies. SIG has initiated Sailing RMB International Investment and Loan Fund, conducted cross-border investment operations in fields such as advanced technology and consumption upgrading, successfully invested in SenseTime, Mobileye and Impossible Food, explored the delivery of RMB as the payment currency, and progressively formed a new path for effectively integrating financial capital with "Belt and Road" construction and serving RMB internationalization through cross-border investment service.

Optimize the investment layout focus on major municipal strategies. SIG has initiatively coordinated and served ministry-city cooperation and central-local cooperation, carried out in-depth cooperation with the Ministry of Science and Technology and CAS Holdings, and made integrated use of high-end innovation resources and superior financial capital, to improve Shanghai's capacity for innovation sourcing; has optimized the layout of financial investment, invested in mixed ownership reform projects of COFCO Capital, AVIC Capital and other central enterprises in the financial sector; and has invested in insurance enterprises like CPIC. Over the five years, SIG has achieved functional goals by means of marketization and made a total equity investment of 33.7 billion yuan, thus accomplishing the unity of economic benefit and social benefit. Also, SIG has contributed 3 billion yuan to municipal strategic funds for state-owned enterprise reform and free trade zone building, to support national and municipal reforms in key fields.

Advance Steadily, Cultivate Fund Ecosphere, Build an Industrially Leading Superior Fund Brand

(In September 2017, Shanghai International Group Co., Ltd. initiated Shanghai Sci-tech Capital Management Co., Ltd.)

SIG set foot in equity funds early in 2009. Based on its functional orientation and the needs of major national and municipal strategies, SIG has established and operated five industrial fund manager brands like GP, Guohe, Sailing, Sci-tech and Growth. To date SIG has formed an investment ecosphere involving direct project investment, direct investment funds and FOF platforms, and achieved significant results in supporting strategic tasks and serving the real economy by means of marketization.

Firstly, SIG has employed its market status, professional advantage, the means of marketization and the capacity for factor integration, to promote the integration and cycling of the innovation chain, industry chain and capital chain in the Yangtze River Delta. SIG has deployed the industry chain through the innovation chain, perfected the capital chain through the industry chain and promoted the innovation chain through the capital chain, to form a spiraling cyclic system, cultivated the capacity for innovation sourcing, focused on an innovation investment ecosystem centering on Shanghai and radiating the Yangtze River Delta, sped up the deep integration of the industry chain of the Yangtze River Delta, and promoted the formation of a superior competitive industry cluster in the Yangtze River Delta.

Secondly, based on the Growth and Sci-tech Capital platforms, SIG has built the core hub of the industrial fund cluster, gradually connected elements such as state-owned capital, industrial funds, industrial capital and financial capital, injected central and local cooperation resources and trans-regional government cooperation resources, optimized its business layout outside Shanghai, exerted the leading role of Shanghai in economic development, its radiating role as a technology innovation center and its service role as the financial center, and fully improved the level of fund operation, to form a unique industrial fund ecosphere.

Gain Momentum, Build First-Mover Advantage, Make Substantial Progress in Pilot Regulation of Financial Holding Companies

In 2018, supported by the People's Bank of China (PBC) and the Shanghai Municipal People's Government, approved by the Committee on Stable Financial Development of the State Council, five enterprises, including SIG, became China's first enterprises involved in the pilot regulation of financial holding companies. Over the year, SIG has worked on the pilot regulation of financial holding companies, and assisted PBC in refining and perfecting the measures for financial holding company regulation. Based on the requirements of the pilot regulation of financial holding companies and the state-owned asset and enterprise reform, SIG has conducted simulative consolidated management to its financial institutions, further improved the mechanism of managing three financial institutions including SPDB, and performed the shareholder's rights and responsibilities related to capital management.

To date, SIG's pilot work has progressed smoothly, implemented effectively and been recognized by PBC. In the future, SIG will further focus on its primary business-finance, endeavor to consolidate the development foundation as a financial holding company, advance the building of the financial holding companies, focus on exploring and building domestic top financial holding platforms, better prevent financial risks, support the development of local key financial institutions and advance comprehensive financial operations in a standardized manner.

Though entrepreneurship is hard, we will strive for success, stick true to our goal and give priority to our mission. At a new historical starting point, with focus on the requirements of "conducting new exploration in deepening the state-owned assets and enterprise reform, making new moves in serving major national strategies and achieving new results in strengthening the Party building of the state-owned enterprise" raised by the key leaders of the CPC Shanghai Municipal Committee during their visit to SIG, the CPC SIG Committee will stick to the orientation of marketization, professionalism and internationalization, uphold the spirit of "synergy, innovation and guidance" and the business philosophy of "practice, steadiness, professionalism and efficiency", and endeavor to be a financial holding and state-owned capital operation group with international vision and visibility which serves Shanghai's financial development strategy and state-owned assets and enterprise reform, as well as an important functional carrier through which Shanghai builds "five centers", promotes "four brands" and performs three new major tasks.